Dublin, May 17, 2024 (GLOBE NEWSWIRE) -- The "Global Hand Tools Market, By Type; By Distribution Channel; By End User; By Region - Market Size, Industry Dynamics, Opportunity Analysis and Forecast for 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global hand tools market, an essential sector supporting a wide array of industries from construction to manufacturing, has been witnessing notable expansion in recent years. As of 2023, this market boasted a substantial value, estimated at approximately US$ 11.76 billion, reflecting the indispensable role these tools play across diverse sectors worldwide. Projections indicate a promising trajectory for the market, with expectations set for robust growth in the coming years. By the year 2030, experts forecast the global hand tools market to soar to a valuation of around US$ 14.99 billion, underscoring its enduring significance and potential for further advancement in various industrial applications.
The expansion of the hand tools market is predominantly fueled by an increase in construction projects, particularly due to the anticipated rise in smart city initiatives, which are expected to boost demand for hand tools. These comprehensive projects require extensive labor and involve numerous tasks that necessitate a wide array of hand tools. By November 2021, construction expenditures had reached USD 1.46 trillion, positioning the year to potentially set a new record for construction completion. In substantial construction projects, the potential shortage of hand tools and labor can lead to significant delays and financial losses. According to ABAX, a European telematics company, construction workers spend about 10 minutes each day searching for misplaced equipment, totaling approximately 38 hours of lost productivity annually. As a result, the ongoing and forthcoming construction and infrastructure projects have heightened the need for an adequate supply of hand tools and equipment on site. Typically, hand tools are personally owned by construction workers, who are often required to supply their own tools and equipment. It has been reported that plumbing contractors spend between USD 5000 and USD 6000 annually on hand tools, primarily due to tool loss or wear.
Furthermore, multi-purpose tools represent a versatile category within hand tools. These tools combine multiple functions and features into a single unit, offering high flexibility and the ability to perform various tasks to meet industrial standards. They have become increasingly popular in large construction projects that require a bulk supply of hand tools. Hand tools such as multi-utility hammer knives, pliers, and all-in-one tool kits have lessened the load for construction workers, enabling them to use a single tool for multiple tasks without the need to carry several different tools. As electronic devices continue to decrease in size, tool manufacturers are enhancing their hand tool offerings to meet the precision needs required for repairing these devices. They are diligently designing hand tools that are not only more effective but also multifunctional. A common example of such a tool is the multi-bit screwdriver, which is widely used today.
Market Segmentation Insights
In 2023, the screwdriver segment captured 10.50% of the hand tools market share. This growth is largely fueled by the increasing popularity of DIY culture, where individuals engage in repairing and improving their own appliances, tools, and homes, thus boosting global demand for screwdrivers. Additionally, the consumer electronics sector has seen rapid growth in recent years, further driving the need for screwdrivers. This demand is bolstered by the rising acquisition of electronic devices in both commercial and residential sectors, along with greater financial accessibility. Screwdrivers are relatively simple to manufacture, and the market is expected to see a surge in the number of small to medium-scale manufacturers from developing nations, enhancing the market prospects for this segment. Technological advancements in electric screwdrivers are also anticipated to create new opportunities in the market.
On the basis of distribution channels, the offline segment led the global hand tools market in 2023, accounting for 64.58%. This channel includes distributors, suppliers, wholesalers, and dealers. Consumers prefer offline venues like hardware and tools and machinery stores for the direct examination and comparison of product quality before purchase. Despite this, in regions like North America and Europe, online sales are gaining traction. E-commerce platforms have significantly reshaped pricing and market structures within the retail distribution sector. However, the offline sales channel remains favoured in areas where consumers live close to suppliers and benefit from shorter delivery times. Nevertheless, the online segment is expected to experience the highest growth rate over the forecast period due to its convenience and expanding reach.
In terms of end-users, the industrial segment constituted 45.08% of the global hand tools market in 2023. Hand tool manufacturers globally are focusing on industrial growth in developed countries such as the United States and Germany. The strong presence of various brands in the German market promotes the use of hand tools in the manufacture and assembly of vehicles, aerospace components, and other products, prompting companies to innovate and improve their tools and accessories. Furthermore, increased disposable income and a growing interest in leisure and recreational activities are making DIY projects more popular. This trend is likely to provide substantial opportunities for hand tool manufacturers to launch new products, especially as DIY interior design and home decoration become increasingly appealing to consumers in both developed and emerging markets. The expansion of DIY activities is also supported by the easy availability of tools on e-commerce platforms.
Regional Overview
In 2023, North America captured the largest portion of the hand tools market, driven largely by increasing applications in household and DIY sectors. The region's rising labor costs are promoting a trend towards independent service provision, further bolstering the market. Additionally, an aging housing stock in the United States has led to heightened activity in home renovations and remodels, contributing to market growth.
Furthermore, Asia-Pacific is anticipated to register the highest compound annual growth rate (CAGR) in the global hand tools market from 2024 to 2032. This growth is expected due to ongoing urbanization and infrastructural advancements across the region. China, a leading exporter of hand tools globally, plays a significant role in this expansion. The country's rapid industrial development has attracted numerous hand tool and accessory manufacturers to establish production bases there. Low labor and material costs in China enable manufacturers to produce hand tools and accessories at competitive prices while maintaining high production efficiency. The market is also supported by a plethora of small-scale manufacturers within China that meet the regional demand for hand tools.
Competitive Landscape
The competitive landscape of the Hand Tools market is characterized by the presence of numerous prominent players driving growth. Key players are Stanley Black and Decker, Robert Bosch GmbH, TTI, and Apex Tool Group. These companies collectively account for approximately 50-55% of the market share, indicating robust competition within the sector. Furthermore, many players are actively engaged in research and development activities, partnerships, and collaborations to enhance their market presence and offerings.
For instance, In July 2019, MISUMI, a global provider of configurable components, had announced the immediate availability of the IKO family of products to MISUMI clients. Needle Bearings, Linear Motion Rolling Guides, and Cam Followers were among the new IKO products. MISUMI had then had a multi-series extension of Needle Bearings, Linear Guides, and Cam Followers thanks to the development of the IKO product line. "We were very glad to offer an expansion that included micro-precision products from IKO, notably within the linear guide and needle roller bearing lines," said Morris Hsieh, Director of Product Management for MISUMI. These IKO items were tiny in size yet packed a punch in terms of precision. They were ideal for achieving precision in a variety of industries.
In July 2019, in addition to monitoring hydrogen sulfide, Emerson released two new Rosemount 628 Universal Gas Sensors that measured carbon monoxide and oxygen depletion. The Rosemount 928 Wireless Gas Monitor platform could then monitor a wider spectrum of hazardous circumstances thanks to these new additions to the series. The Rosemount 928 Wireless Gas Monitor was a flexible platform for monitoring hazardous conditions in process plants, remote wellheads, pipelines, storage terminals, and other facilities. It could be simply installed utilizing a WirelessHART network in regions where traditional wired infrastructure was too impractical or expensive to establish. Personnel could easily check the status of the remote monitoring system gas levels once monitors were linked to the wireless network.
Premium Insights
- The global hand tools market is projected to reach US$ 14.99 billion by 2030, with a compound annual growth rate (CAGR) of 3.68%.
- The hand tools market has witnessed significant expansion, driven by its vital role across various sectors such as construction, manufacturing, and automotive.
- Multi-function hand tools have gained popularity due to their versatility and ability to perform multiple tasks, reducing the need for carrying numerous tools on-site.
- North America leads the market due to increased DIY activities and home renovation projects, while Asia-Pacific is poised for substantial growth, driven by urbanization and infrastructure developments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 294 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $11.76 Billion |
| Forecasted Market Value (USD) by 2030 | $14.99 Billion |
| Compound Annual Growth Rate | 3.6% |
Key Topics Covered
Chapter 1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
Chapter 2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Sources
2.2. Quantitative Research
2.2.1. Primary & Secondary Sources
2.3. Breakdown of Primary Research Respondents, By Region
2.4. Assumption for the Study
2.5. Market Size Estimation
2.6. Data Triangulation
Chapter 3. Executive Summary: Global Hand Tools Market
Chapter 4. Global Hand Tools Market Overview
4.1. Industry Value Chain Analysis
4.1.1. Material Provider
4.1.2. Manufacturing
4.1.3. Distribution
4.1.4. End User
4.2. Industry Outlook
4.2.1. Power Tools Market Size and Forecast, 2017-2030
4.2.1.1. Electric
4.2.1.1.1. AC
4.2.1.1.2. DC
4.2.1.2. Gas
4.2.1.3. Pneumatic & Others
4.2.2. Emerging Innovations under Hand Tools
4.2.3. Top Suppliers under Power Tools, By Region
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of Substitutes
4.4.4. Threat of New Entrants
4.4.5. Degree of Competition
4.5. Market Dynamics and Trends
4.5.1. Growth Drivers
4.5.2. Restraints
4.5.3. Challenges
4.5.4. Key Trends
4.6. COVID-19 Impact Assessment on Market Growth Trend
4.7. Market Growth and Outlook
4.7.1. Market Revenue Estimates and Forecast (US$ Mn), 2017 - 2030
4.7.2. Market Volume Estimates and Forecast (Mn Units), 2017 - 2030
4.7.3. Price Trend Analysis, By Type
4.8. Competition Dashboard
4.8.1. Market Concentration Rate
4.8.2. Company Market Share Analysis (Value %), 2021
4.8.2.1. Global
4.8.2.2. North America
4.8.2.3. Europe
4.8.2.4. Asia Pacific
4.8.2.4.1. Japan
4.8.2.5. Rest of the World
4.8.3. Competitor Mapping
4.8.4. Key Players - Geographic Footprint
Chapter 5. Global Hand Tools Market Analysis, By Type
5.1. Key Insights
5.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Mn Units)
5.2.1. Wrenches
5.2.2. Chisels
5.2.3. Hammers
5.2.4. Hand Saws
5.2.5. Axes
5.2.6. Pry Bars
5.2.7. Staple Guns
5.2.8. Hand Files
5.2.9. Vise
5.2.10. Anvils
5.2.11. Scissors
5.2.12. C-Clamps
5.2.13. Crowbars
5.2.14. Hand Planer
5.2.15. Mallet
5.2.16. Screwdrivers
5.2.17. Pliers
5.2.18. Measurement Tape
5.2.19. Level
5.2.20. Others
Chapter 6. Global Hand Tools Market Analysis, By Distribution Channel
6.1. Key Insights
6.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Mn Units)
6.2.1. Online
6.2.1.1. eMarketplaces
6.2.1.2. Brand Website
6.2.2. Offline
6.2.2.1. Supermarket/ Hypermarket
6.2.2.2. Hardware Stores
Chapter 7. Global Hand Tools Market Analysis, By End User
7.1. Key Insights
7.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Mn Units)
7.2.1. Industrial
7.2.1.1. Metal works
7.2.1.2. Electrical Work
7.2.1.3. Woodworking and Carpentry
7.2.1.4. Welding
7.2.1.5. Manufacturing
7.2.1.6. Automotive
7.2.2. Professional
7.2.3. Residential/DIY
7.2.4. Others
Chapter 8. Global Hand Tools Market Analysis, By Region
8.1. Key Insights
8.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Mn Units)
8.2.1. North America
8.2.2. Europe
8.2.3. Asia Pacific
8.2.4. Rest of the World
Chapter 9. North America Hand Tools Market Analysis
9.1. Key Insights
9.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Mn Units)
9.2.1. By Type
9.2.2. By Distribution Channel
9.2.3. By End User
9.2.4. By Country
Chapter 10. Europe Hand Tools Market Analysis
10.1. Key Insights
10.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Mn Units)
10.2.1. By Type
10.2.2. By Distribution Channel
10.2.3. By End User
10.2.4. By Country
Chapter 11. Asia Pacific Hand Tools Market Analysis
11.1. Key Insights
11.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Mn Units)
11.2.1. By Type
11.2.2. By Distribution Channel
11.2.3. By End User
11.2.4. By Country
Chapter 12. Japan Hand Tools Market Analysis
12.1. Key Insights
12.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Mn Units)
12.2.1. By Type
12.2.2. By Distribution Channel
Chapter 13. Rest of World Hand Tools Market Analysis
13.1. Key Insights
13.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Mn Units)
13.2.1. By Type
13.2.2. By Distribution Channel
13.2.3. By End User
13.2.4. By Region
Chapter 14. Company Profiles
(Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
14.1. Stanley Black and Decker
14.2. Robert Bosch GmbH
14.3. MISUMI Group Inc.
14.4. Milwaukee Tool Corporation
14.5. Snap-On Inc.
14.6. Klein Tools
14.7. Fluke Corporation
14.8. KNIPEX Group
14.9. Weidmuller Interface GmbH and Co. KG
14.10. Emil Lux GmbH & Co. KG
14.11. Sathlwille Tools
14.12. Gedore GmbH
14.13. KS Tools Werkzeuge and Maschinen GmbH
14.14. Taparia Tools
14.15. Akar Tools Limited
14.16. Techtronic Industries Co. Ltd.
14.17. Wera Tools
14.18. Apex Tool Group
14.19. Channellock, Inc.
14.20. JCBL India
14.21. Emerson Electric Co.
14.22. Other Prominent Players
For more information about this report visit https://www.researchandmarkets.com/r/2sq0pc
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